THE Central Bank of Myanmar (CBM) announced on 2 October that it would sell US$25 million to fuel oil entrepreneurs.
CBM sold $1.8M to edible oil-importing companies and $366,000 to fuel oil-importing companies on 30 September.
CBM sold over $712,900 to edible oil-importing companies and $472,100 to fuel oil-importing companies on 29 September from CBM’s foreign reserve purchased from the CMP companies after injection of $25,230 to the foreign exchange market.
CBM sold over $943,600 to edible oil-importing companies and $622,500 to fuel oil-importing companies after sales of over 627,500 yuan on 26 September.
CBM sold $826,100 to edible oil-importing companies and over $534,700 to fuel oil-importing companies on 25 September.
CBM sold over $1 million, 11 million yuan and four million baht in August. Furthermore, CBM also pumped over $32 million, purchased from the companies working on a Cut, Make and Pack basis, into the financial market. CBM aims to curb the instability in the foreign exchange market and currency devaluation. According to CBM’s notification on 15 March 2024, it has been collaborating with law enforcement agencies to combat and prosecute those who attempt to manipulate the currency market under the existing laws. CBM allowed authorized dealers (private banks) to operate online foreign exchange trading freely as per the market rate, depending on supply and demand, starting from 5 December 2023. — NN/ KK
